Taxation changes effected by the Kenya Finance Act 2019
Taxation Changes Effected by the Finance Act 2019
The President assented to the Finance Act 2019 (the Finance Act) on 7 November 2019. This has brought into effect a number of changes in the Kenyan taxation regime
FIVE REASONS FOR OUTSOURCING ACCOUNTING SERVICES.
Double Taxation Agreements in Kenya
Double Taxation Agreements are treaties between two or more countries to avoid international double taxation of income and property. The main objective of DTA is to allocate the right of taxation between the engaging countries, to circumvent differences for taxpayers to have equal rights and security, and to avert tax evasion.
EXCEPTIONAL FINANCIAL SERVICES FOR THE GROWTH OF SACCO SOCIETIES IN KENYA IN 2020
HOW TO SURVIVE IN BUSINESS AFTER TRADING DISRUPTIONS OF COVID-19
As COVID-19 continues to wreak havoc in our normal lives, from global, regional to local businesses, it is imperative that businesses have to rethink survival in order to navigate through the challenging times.
We wish to recommend some advice on how small businesses may remain afloat by being proactive towards the eminent dangers caused by COVID-19. This professional advice is general in nature and may not necessarily apply to all businesses but will be important to activate strategic thinking and business leadership in this crisis.
ALL OUR CLIENTS COMMUNIQUE ON THE CURRENT COVID-19 PANDEMIC
In response to the corona virus pandemic, we have taken the necessary steps to comply with the WHO and MOH distancing measures. To ensure seamless communication, we advise all our clients to channel all their emails to their client contact person(s) and send a copy to info@ronalds.co.ke.
KENYA TAX UPDATE ON COVID-19
Following the outbreak of COVID-19 and the subsequent declaration of the virus as a global pandemic by WHO, the world economy has been greatly affected and the Kenyan economy has not been exempted. The pandemic has had adverse effects on millions of Kenyans, which among other things includes loss of income, imminent job losses, indefinite closure of businesses, not to mention the mounting pressure on social infrastructure.
To shield Kenyan and Kenyan businesses from the effects of this pandemic, the President, on the 25th day of March 2020, directed the National Treasury to table a bill in parliament to effect the below tax changes;
CONTINGENCY PLANNING: THE ASSURANCE OF BUSINESS CONTINUITY.
From the turn of events, learning from the previous epidemics like Ebola and SARS, most of the governments and corporations were not prepared to face a disruption of such a scale. The anticipation of such an epidemic to get out of hand was not there leaving China to struggle with it alone for several months. It is a unique situation of unplanned occurrences since the dynamics involve factors above any one country or corporation. Whereas one could have internal controls and measures most of the business disruptions may occur due to disruption of the supply chain and the market where the demand for the products decreases temporarily.
Effects of COVID-19 on Financial Reporting
Covid-19 has already had a significant impact on global financial markets and could have
accounting implications on entities. Some of the impacts that have been experienced or will be
experienced including
Kenya Tax Laws Amendment Bill 2020
The Tax Law Amendment Bill comes with a wide array of tax reliefs that will see many companies and individuals benefit.